JEFAS Vol. 15 Nº 28 (2010)

Permanent URI for this collectionhttps://hdl.handle.net/20.500.12640/4115

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Subject: search.filters.subject.Mercados emergentes

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    Determinants of strategic risk management in emerging markets supply chains: the case of Mexico
    (Universidad ESAN. ESAN Ediciones, 2010-06-30) Lassar, Walfried; Haar, Jerry; Montalvo, Raúl; Hulser, Leslie
    Risk mitigation in global supply chains has grown in importance in recent years, in tandem with globalization and both the commercial and security threats faced by firms both large and small. This study hypothesizes that a firm’s ability to manage risk strategy— and therefore support its competitiveness—is determined by a symbiotic triad of factors: the resources it utilizes; network systems; and performance criteria it employs. The study, comprising 24 in-depth interviews with electronics and IT firms, examines resource utilization through the Resource-Based View (RBV), assesses firms’ proclivity to engage in networks for risk mitigation and competitiveness; and highlights the importance of performance evaluation as a critically important component in supply chain management. Findings reveal that both buyers and suppliers believe that the symbiotic triad can provide them with a competitive advantage in addition to improving operational efficiency, effectiveness and quality. Future research should also extend this pilot investigation to other countries and industries, and utilize a larger sample of firms for quantitative as well as qualitative assessment.
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    Estimation of discount rates in Latin America: empirical evidence and challenges
    (Universidad ESAN. ESAN Ediciones, 2010-06-30) Fuenzalida, Darcy; Mongrut, Samuel
    This paper compares the main proposals that have been made in order to estimate discount rates in emerging markets. Seven methods are used to estimate the cost of equity capital in the case of global well-diversified investors; two methods are used to estimate it in the case of imperfectly diversified local institutional investors; and one method is used to estimate the required return in the case of non-diversified entrepreneurs. Using the first nine methods one estimates the costs of equity for all economic sectors in six Latin American emerging markets. Consistently with studies applied to other regions a great deal of disparity is observed between the discount rates obtained across the different models which implies that no model is better than the others. Likewise the paper shows that Latin American markets are in a process of becoming more integrated with the world market because discount rates have decreased consistently during the first five-year period of the XXI Century. Finally on identifies several challenges that have to be tackled to estimate discount rates and valuate investment opportunities in emerging markets.